Gold rate today, March 22 -- Yellow metal witnesses a steepest weekly decline since 1983, as escalating conflict in the Middle East pushed energy prices higher and dampened expectations of interest-rate cuts.

Gold prices, which declined more than 11% over the week, have recorded losses every week since the US and Israel launched strikes on Iran last month, highlighting an unusual trend amid heightened geopolitical tensions.

The decline comes amid a strengthening US dollar, while investors have been offloading stocks and bonds due to concerns that rising energy costs could fuel inflation and weigh on global growth.

On Friday, gold dropped 3.1% to $4,508.96 an ounce, putting it on track for an eight-day losing streak, the longest since O...